Capito joins colleagues to introduce legislation to expand Paycheck Protection Program deadline

WASHINGTON, D.C. — U.S. Senator Shelley Moore Capito (R-W.Va.) joined Senators Marco Rubio (R-Fla.), Susan Collins (R-Maine), Kevin Cramer (R-N.D.), Jim Risch (R-Idaho), Mike Braun (R-Ind.), Mike Crapo (R-Idaho), John Barrasso (R-Wyo.), James Lankford (R-Okla.), Cindy Hyde-Smith (R-Miss.), Tim Scott (R-S.C.), Mike Rounds (R-S.D.), and Josh Hawley (R-Mo.) to introduce legislation to extend the deadline for businesses and nonprofits to apply for loans through the Paycheck Protection Program (PPP) to May 31, 2021. The legislation would also prohibit the Small Business Administration (SBA) from setting priorities for processing the applications of some entities over others except for priorities reasonably necessary to carry out the set-asides created by Congress in the December 2020 COVID-19 relief bill.

“There is nothing more pro-worker than keeping our West Virginia workers on the payroll, which is exactly what the Paycheck Protection Program does. It has been a lifeline for small businesses, which are truly the backbone of West Virginia where more than 95 percent of our businesses are small businesses,” Senator Capito said. “As the pandemic continues, we are continuing to make changes to the program to help keep employers and employees connected. In addition to an extended deadline, this effort would prohibit the SBA from setting last minute priorities among applicants that may alter their PPP eligibility. I’m proud to join my colleagues today to introduce legislation that will provide small business owners the flexibility they need to utilize these funds in a way that makes the most sense for their business during this time.”  

The PPP has led the authorization of nearly $1 trillion in small business relief, including over $800 billion for PPP during the coronavirus pandemic. More than 5.2 million businesses received forgivable PPP loans in 2020, which kept tens of millions of Americans on payroll through the worst of the public health restrictions.